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Automobile Craiova
Automobile Craiova is a Romanian car manufacturer located in Craiova, Romania. It is owned by Ford Motor Company. History The beginnings Automobile Craiova was founded in 1976 as OLTCIT joint venture company between the Romanian government (64%) and Citroën (36%).Ford-Romanian Expansion The factory produced cars under the Oltcit and Citroën brands for the domestic and external markets. The 1990s In 1991, as a result of the withdraw of Citroën from joint venture, the name of the company was changed to Automobile Craiova and the production continued under the Oltena brand. In 1994, the company decided to go into partnership (49%-51%) with the Korean Daewoo Heavy Industries (later Daewoo Motor) as Rodae Automobile. After producing the Oltcit between 1981-1996 (starting 1992 rebadged as Oltena, and as Rodae after 1994), the company started producing the Tico, Cielo and Espero. In 1997, the name was changed to Daewoo Automobile Romania and a new engine and transmission factory was opened by the company, and by 2001 was also producing the Matiz and Nubira II. However, by this time, the main parent company in Korea had collapsed, due to financial problems in South Korea economy and over-expansion in Central Asia and Eastern Europe. In 2002 General Motors bought the bulk of Daewoo Motor in South Korea, but did not buy the plants producing Daewoo cars in Romania, Uzbekistan or Poland. Due to this deal, the Romanian company was not allowed to export their products to neighbouring countries any more, or produce newer models by the new GM Daewoo company. To make matters worse for the company, General Motors started selling the products of the GM Daewoo in 2003, under the Chevrolet brand. built by Automobile Craiova at the presentation event on 8 September 2009]] Acquisition by Ford In 2006 the Romanian government bought out Daewoo's 51% in the joint venture for US$ 60 million. A year later, in September 2007, Ford was interested to acquire a 72.4 percent stake in the company for 57 million euro and on 21 March 2008 the acquisition contract was signed and Ford officially took over Automobile Craiova. Ford announced that it intends to invest $675 million euro in the company, which is supposed to build up to 300,000 cars a year and increase the number of employees from 3,900 to 7,000. As of May 2009, Ford Motor Company acquired a majority 95.63% stake in the company. Ford Transit Connect (both, the passenger carrying and van models) is Ford's first model produced in Craiova, and will be followed by low-capacity car engines and a small class car, most probable the new Ford B-MAX. Models * Oltcit Special (1981–1990) * Oltcit Club (1981–1995) * Citroën Axel (1985–1990) * Oltcit Club 12 CS (1993–1995) * Daewoo Cielo (1996–2007) * Daewoo Espero (1996–1998) * Daewoo Tico (1996–2002) * Daewoo Damas (1998–?) * Daewoo Leganza (1998–2002) * Daewoo Nubira (1998–2008) * Daewoo Matiz (1998–2008) * Daewoo Tacuma (2002–?) * Ford Transit Connect (2009–present) References External links *Automobile Craiova S.A. * Official Ford gateway to global websites *Oltcit (Citroen Axel) *Daewoo Romania Category:Companies of Romania Category:Ford of Europe factories Category:Motor vehicle manufacturers of Romania Category:Companies founded in 1976 Category:Truck manufacturers of Romania